Citi Says It Is Actively Pushing Forward with Application for Domestic Brokerage License

Citigroup is continuing to expand its institutional business in China and is actively pursuing an application for a domestic securities brokerage license, awaiting approval to carry out local investment banking operations in mainland China. It is understood that Citi submitted an application for a wholly owned securities license in November 2021. Its earlier joint-venture investment banking business with Orient Securities was exited in 2019, after which it shifted to applying to establish a wholly owned brokerage, and it received feedback from the China Securities Regulatory Commission on February 4, 2024. To date, there are seven foreign wholly owned securities firms operating in China: J.P. Morgan Securities (China), Goldman Sachs (China) Securities, Standard Chartered Securities (China), BNP Paribas Securities (China), UBS Securities (China), Mizuho Securities (China), and Daiwa Securities (China). (Caixin)